double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs

Breaking News

Giants grant QB Daniel Jones his release after fourth-string demotion
Business

Companies added 263K jobs last month, most in more than two years: ADP

By
Reuters
Published April 5, 2017
Updated April 5, 2017, 4:29 p.m. ET

US companies added 263,000 workers in March, the most since December 2014, suggesting further tightening of the labor market, payrolls processor ADP said Wednesday.

Strong job gains in the coming months will likely add upward pressure on wages, supporting the Federal Reserve’s view for at least two more interest rate increases by the end of 2017.

“The labor market is tight and it will get tighter,” said Mark Zandi, chief economist at Moody’s Analytics, which jointly developed the ADP National Employment Report.

ADP’s March figure easily beat the median forecast of 187,000 increase among economists surveyed by Reuters.

Private payroll gains in the month earlier were revised down to 245,000 from the originally reported 298,000.

The Dow Jones industrial average moved higher in Wednesday morning trading, up 118 points, to 20,807, at 11:30 a.m.

The ADP figures come ahead of the Labor Department’s more comprehensive non-farm payrolls report on Friday, which includes both public- and private-sector employment.

Economists polled by Reuters are looking for private payroll employment to have grown by 175,000 jobs in March, down from 227,000 the month before. Total non-farm employment is expected to have risen by 180,000.

The unemployment rate is forecast to stay steady at the 4.7 percent recorded a month earlier.

Wage growth has been running at a 2.5 to 3.0 percent year-over-year pace, which is modest by historical standards, Zandi said.

One factor that may lead to faster wage gains is the uncertainty on immigration policy. Stricter immigration as proposed by the Trump administration would reduce labor supply, forcing employers to compete for workers.

“The labor shortage might be exacerbated by immigration issues,” Zandi said.

If immigration were cut in half, that could choke off domestic labor growth, which is currently running at 3 to 4 percent a year, according to Zandi.